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CSPAN
Feb 9, 2013 3:05pm EST
the -- sequester with deficit reduction achieved over a longer time. >> watch the entire interview sunday at 10:00 a.m. eastern and again later at 6:00 p.m. on c- span. now, douglas emmett dorf, director of the congressional budget office. this is just over one hour. >> thank you all for coming. i am the director of the congressional budget office. cbo just released its outlook for the federal budget and the economy over the next decade. i would like to tell you a little about it, and then my colleagues and i will be happy to take your questions. our analysis shows that the united states continues to face very large economic and budget challenges. under current law, we expect the unemployment rate will remain above 7.5% through next year. that would make 2014 the sixth year in a row that unemployment is so high, the longest such period in seven years. -- 70 years. also under current law, we expect budget deficits over the next decade to total about $7 trillion. with deficits so high, the federal debt on the public will remain a larger percentage of gdp than in any year between 1951
PBS
Feb 5, 2013 12:00am PST
needs to do is to understand that deficit reduction is an important issue. we have a trillion dollar deficit, but we also have to address the basic economic issue of the decline of the middle class, the fact that real unemployment tactics, a real unemployment is not 7.8%. it is 14%, counting those people who have given up work and are working part-time. did he pay enough attention to that issue? i think not, and that is the issue we have to focus on. >> there are so many issues, and we will not get to all of them. let me advance further, and we will come back. you just said what he did not get into. he could not get everything into that speech, but give me a sense of what you would like to hear him. front and center, the challenge you would like to hear him offer to congress when he gives -- gets to the speech in a couple days and he has time to develop what is in his heart. >> i think the most important issue for him to speak about is the understanding this country cannot go forward in terms of an austerity program, cut, but we have to do the opposite, and that is to create m
CNBC
Feb 10, 2013 7:30pm EST
. welcome to "on the money." my conversation with paul krugman is ahead. why he says the deficit doesn't matter now and why the government needs to spend more money. he ran two of the most important companies and turned around general motors. i will talk les sobs learned, the state of the american future. and baubles and bling. if you have the cash they have the jewels. if perfect valentine's gift for deep pockets. jewels anyone? >> co oh co always wore two. >> "on the money" begins now. >> announcer: this is america's number one financial news program. "on the money." now, mario bartiromo. >> here's a look at the news as we head into a new week on the money. it is the u.s. government versus standard & poor's. the most aggressive move yet to hold accountable a company at the center of the financial melt down of 2008. the $5 billion civil suit charges s&p intended to defraud investors by giving securities created from subprime loans aaa ratings they didn't deserve. the attorney says not so fast. >> the government has to show in this case not that a lot of people lost money because
NBC
Feb 10, 2013 2:30am EST
nobel prize winner says the deficit doesn't matter now and why the government needs to spend even more money. >>> he ran two of the nation's largest and most important companies and turned around general motors. i'll talk lessons learned, the state of american business and the future with ed whitacre. >>> and bling, if you've got the cash, they've got the jewels. the perfect valentine's day gift if you have deep pockets. jewels, anyone? "on the money" begins right now. >> this is america's number one financial news program, "on the money." now, maria bartiromo. >> here's what's making news as we head into a new week "on the money." it is the u.s. government versus standard & poor's. the most aggressive move yet by the justice department to hold accountable a financial company at the center of the financial melt down of 2008. the $5 billion civil suit charges s&p intended to defraud investors, aaa ratings they did not deserve. standard & poor's' attorney says not so farst fast. >> the ratings that were issued were believed by the people who issued them and that's what the government has
NBC
Feb 10, 2013 4:00pm PST
. thank you for joining us. let's start with the debt and deficit since this is front and center as far as the international conversation as it may be. the cbo, congressional budget office, came out with new projections this week. they saw, long term, the economy will move in the opposite direction of the deficit. the economy grows if the deficit goes down, it shrinks if the deficit goes up. you argue in the book that the deficit really doesn't matter right now. do you disagree with the government's projections? >> no, i think the cbo report is pretty reasonable. and it says that we wish we had lower debt, and if we look at the long term it would be nice to pay down the debt but it does not show a crisis. and trying to slash the deficit right now will deepen the clear and present danger which is a very high unemployment and ongoing economic slump. so i actually -- i found the cbo report supportive of what i'm saying, that right now our priorities should be jobs and not the deficit. >> i want to get your reaction to something that dave camp told us, the chairman of the house ways and mea
CSPAN
Feb 10, 2013 10:00am EST
in the short term even as you try to reduce the deficit in the long term. also by closing some of the tax loopholes. we heard in the last presidential campaign from mitt romney and paul rand that there are all these tax breaks and loopholes that disproportionately benefit very wealthy people. speaker john boehner said he could come up with $800 billion through a tax reform plan. we're simply saying to the house republicans that we want to do with speaker john boehner said he could do. use some of their revenue from closing loopholes to close the deposit. you are right. republicans so far have said they're not willing to close one tax loophole, not for a corporate jet for big tax -- big oil companies for the purpose of reducing the deficit. when it is that trade-off, are they more interested in protecting the economy and defense spending? then i think he will begin to see a little bit of a change in attitude. >> what is there is not a change in attitude and calculations? this deadline is different than previous ones. we were facing the prospect of a default. it was a stone wall. we
CSPAN
Feb 5, 2013 5:00pm EST
-span's "q&a." >> the congressional budget office today said this year's budget deficit will be under $1 trillion for the first time since president obama took office. the c.b.o. also estimates the economy will grow 1.4% this year with unemployment remaining around 8%. c.b.o. director sat down with reporters this afternoon to discuss the economic and budget forecast. >> hello. thank you all for coming. i'm the director of the budget office. c.b.o. just released its outlook for the federal budget and the economy over the next decade. i'd like to tell you a little bit about if and then my colleagues and i will be happy to take your questions. our analysis shows that the united states continues to face very large economic and budget challenges. under current law we expect that the unemployment rate will remain above 7.5% through next year. that would make 2014 the sixth year in a row with unemployment so high. the longest such period in 70 years. also under current law, we expect the budget deficits over the next decade would total about $7 trillion. with deficits so high, the federal de
CSPAN
Feb 12, 2013 1:00pm EST
the deficit, the annual deficit? 2008 deficit was $458 billion. too much money. yes. but $458 billion. deficit in 2013, 2012, $1.3 trillion. so what's the problem? ladies and gentlemen, i would suggest to you we have a spending debt crisis, not a revenue debt crisis. and you've got to make the right diagnosis. to put it in a little greater context. we spend about $3.6 trillion as a nation, as a whole each year, $3.6 trillion, about $2.5 trillion, $2.6 trillion is medicare, medicaid, social security and interest on the debt. those four things. the entire federal government, the rest of the entire federal government, everything, everything, post office, roads, transportation, justice, education, energy, defense, everything else is about $1 trillion. you all just heard what the deficit was last year. $1.3 trillion. which means we can do away with the entire federal government with the exception of medicare, medicaid and social security and we wouldn't even balance the budget. that's the magnitude of the challenge that we have. so it's incumbent upon us to come up with solutions,
CSPAN
Feb 6, 2013 10:00am EST
the real question here is, how do we reduce our deficits in a way that does not hurt the economy right now, but does make sure that as the economy improves that public spending is not -- and deficit spending is not squeeze the out by private investment. for the last couple years the problem has been opposite. we have seen less private investment, so the moneys the federal government has spent have been very important to helping the economy from going into free fall. . there is no doubt that we have to deal with the balanced approach and that's where the debate lies in how we should do that. again, our republican colleagues have said no to the balanced approach. they said no to the plan that we offered to prevent the sequester. they wouldn't allow a vote on the plan we offered to prevent the sequester that's going to hit on march 1 and which our republican colleagues in statement after statement on this floor have said is going to hurt the economy and which we know from the last quarter's economic report is already hurting the economy just because businesses are anticipating the p
CSPAN
Feb 6, 2013 1:00am EST
our budget and on our deficit, and these are decisions that will have real and lasting impacts on the strength and pace of our recovery. economists and business leaders from across the spectrum have said that our economy is poised for progress in 2013. and we've seen signs of this progress over the last several weeks. home prices continue to climb. car sales are at a five-year high. manufacturing has been strong. and we've created more than six million jobs in the last 35 months. but we've also seen the effects that political dysfunction can have on our economic progress. the drawn-out process for resolving the fiscal cliff hurt consumer confidence. the threat of massive automatic cuts have already started to affect business decisions. so we've been reminded that while it's critical for us to cut wasteful spending, we can't just cut our way to prosperity. deep, indiscriminate cuts to things like education and training, energy and national security will cost us jobs, and it will slow down our recovery. it's not the right thing to do for the economy. it's not the right thing for fol
CNBC
Feb 11, 2013 4:00pm EST
cut $2 billion from the deficit. the president is serious enough about his desire to close the deal that he's been willing to keep his offer to speaker boehner on the table. so i think if we could come together and compromise, we could get the rest of the way there and stabilizing our debt, bringing our deficits way below 3% of gdp. and i think it would be unfortunate for anyone at this point to start saying that they should take an absolutist position. they can't have a penny of reven revenue. $800 billion in expenditures and loopholes that could be used to reduce the deficit. how can it be now there's not one penny? that you have to do it all in medicare, education, medicaid, but you can't find one penny of a loophole, tax expenditure even for the most well off american that could be part of a deficit reduction package. >> couldn't the other side have said that to you back in january when they actually raised taxes but they got -- they didn't get revenue? i'm sorry. they didn't get any cuts? so it's the same thing, right? because the republicans will say we already did that. we al
CSPAN
Feb 9, 2013 6:20pm EST
and cut our deficit by more than $2.5 trillion through a balanced mix of cuts and tax for the wealthiest americans. that is more than both parties say we need to stabilize our debt. i believe e we can finish the job the same way we started it, with a balanced cut of spending cuts and tax reform. and the majority of the american people agree, both democrats and republicans. my preference and the preference of many members of congress is to do that in a balanced way by making sensible changes to entitlement programs and reforming our tax code. as we speak, both the house and senate are working toward budget proposals i hope will lay out this balanced path going forward. wut that takes time and right now, if congress doesn't act by march 1 a series of harmful doubts spending also known as the sequester are scheduled to take effect. and the result could be a huge blow to middle class families and our economy as a whole. if it goes forward thousands of workers are likely to be laid off, firefighters and food specttors could find themselves out of work leaving ourselves vulnerable.
FOX
Feb 4, 2013 5:00am EST
econnmy gettiig better. - 3 the steps lawmakers are takkng to reduce thh deficit and promote econooic growth.. 3 just days after news thht the economy as shrunk slightly in the fourth uarter of 2012, presidenn obama says the recovvry issshowwng signn & of growth. the president sat down with c-b-s' scott pelley forrannexccusive innerview aheaddof the superr -3 bowl.marianne rafferty hassmore. 3 ooama says: "housing is 3 going strong, car sales are uu. the truth is overall here were a lottof ositive signs eeonomy is taking a step forward, but some economisss say ii's on a slow path. -3 some say one offthe things polding up progress is folkss in washinggon. president obama is ccaling on lawmakers toowork together on a balanced approach to reduce the deficit and promote economii growth. but continued gridlock may pmpact a deal.dowd: republicans are unwilling to let's ddficit spend in order 3&&pare unwilliig to address -3 government ssending, so they -3 deficit spend, both sides, wwich iswhy the country does not rust washington. -& while thh wwite house and 3 fiscal cciff, the eal alss def
FOX News
Feb 12, 2013 6:00pm EST
news day here in washington. it's "state of the union" tonight. despite unprecedented deficits and debt, president obama will call for more spending and investment, we're told, in tonight's "state of the union" address. meanwhile, speaker of the house boehner says the president "doesn't have the guts to go against his liberal base. " we have extensive coverage throughout "special report" tonight. first up, chief white house correspondent ed henry with just released excerpts. good evening, ed. >> good evening, bret. you are right. dramatic news night. this is a big moment for the president. this may be his last "state of the union" before he is a lame duck. the last chance for him in a "state of the union" to really grab the nation by the lapel and deliver the message. aides say he plans to use the opportunity tonight being forceful and arguing for a stronger, middle class. while somehow not adding to the deficit with new proposals. as you noted. an excerpt. just given to us by the white house and what he will say. "tonight, i will lay out additional proposals that are fully paid fo
CSPAN
Feb 12, 2013 9:00am EST
and has its reasons, in the public deficit. this is only one small part that they succeeded in bringing this view through, and it's also, that has consequences of course for economic policies. and, therefore, it's very important, and, of course, american economic debate has huge influence on european debates. it's very important that we are talking together, that we are working together and that we are trying to make a more differentiated approach on what and how to make policies engage the crisis. and that is, that is important because, and let me say that, because this room is full of progressives. that's my view when i came here. we have to be sure about one thing, or if we have to we think one thing. what is aggressive politics today? -- progressive politics today. this seems a fun question, but that's a very important question. and let me, let me tell you what i mean about this. progressive politics meant, when i grew up and i was born in 1960, it was very clear in germany that my father fought, my son is going to have a better life this is no longer clear in europe. i thi
CNN
Feb 10, 2013 1:00pm EST
than that of frugal canada. a new congressional budget office report says deficits are returning to precrisis levels within a few years. we don't need some big and grand bargain. even moderate reform on immigration, gun control, energy policy, and most difficult, the budget, would give a powerful boost to the country beyond any specific economic impact. you see, politicians could demonstrate that they could actually govern. everyone would get some credit. and america would finally have found a center. for more on this, you can red read my column in this week's "time" magazine. let's get started. >>> so now you know my thoughts on how the white house and congress can get some work done. let's get straight to what other people think. joining me today, paul krugman, op-ed columnist for "the new york times," the author of "end this depression now" just out in paper back and on "the new york times" bestseller list. mort zuckerman, publisher of u.s. news and world report, publisher of "the daily news" and he has a few real estate holdings here and there. arianna huffington, chair, preside
FOX News
Feb 5, 2013 4:00pm EST
two things. number one, the deficit this year is going to come in lower trim dollars, the first time in the obama years. and they also said we're only goal going to great growth of 1.4%. they're saying if you cut spending, you will cut the deficit. if you raise taxes, you will cut the deficit. they're saying the exact opposite to you. >> doesn't make sense. i don't think the government is going to collect all the new revenues they're protecting because when you start taxing investors, small businesses, they tend to cut back and don't have the profits to pay taxes on. the presidentes distracting from the real conversation, stewart. we have to cut spending. there are many areas of the government where we duplicate other areas, where there's wasteful spending. we need to move some things back to the states and need to make a commitment to balance our budget within ten years. if we do that, we see our markets and our economy improve almost overnight. >> quickly, jim, do you predict dealt disaster if you raise taxes? >> i think our deficit will good up. that's going to cut a big hole in o
CNBC
Feb 8, 2013 4:00pm EST
the sequester, i agree with the last guest. in many ways between the fed and the deficit spending on the deficit level, even though it's going to be smaller this year, it's hard to beat, that so i think the sequester, where we really demonstrate that the growth in many ways is paid for because when you stop it's going to take away jobs, those kind of black reality swans will be the issue for the market ahead. >> brian gendron, where are you on this and how do you want to be invested? >> we don't think this rally is over entirely. if you extrapolate a 5% or 6% return we've had so far this year, we'll have one of the greatest stock markets of all time in the face of, you know, good earnings but not great earnings, in the face of still slow growth. i think that's a little unrealistic so we'll probably get a little bit of a pullback, unusual if we didn't. still recommending a substantial allocation to equities. this year looks like last year, political uncertainty. last year was a good year for stocks. as for stocks versus bonds, i've been thinking it was the end of a 30-year bull market
FOX Business
Feb 5, 2013 9:00pm EST
. next. ♪ gerri: the cbo reduces the fiscal forecast for the next 10 years showing how the deficit affects the economy. rich reds and is in d.c. >> in the long term it slows us down the cbo forecast $845 billion budget deficit the first of less than $1 trillion annual deficits continue to shrink when they begin increasing deficits but in the next 10 years they will add almost $7 trillion to the national debt and 76 trillion by 20203. the national debt compared to the economy stabilizes and climbs much higher in the future. the director of the cbo says the primary culprit is health care spending. >> we still see substantial growth of health care spending over the 10 years and beyond. because of the number of people who will be eligible for medicare will be rising sharply. gerri: they expect gdp to rise this year and next year an average of 3.6% after that and then slowing. cbo expects unemployment average 8% this year and seven points six% next year that is the first time that has happened in 70 years. with the recent tax increases and spending cuts the cbo says it will cost 1.2 5%
CSPAN
Feb 9, 2013 7:00pm EST
administration did raise the deficit, bigger deficits are bad but there was a rationale for a stimulus package. but the biggest message of the book to me as the author is a paradox of the private markets ran amok but pretty effectively to put things back on track but at the end of the day you witnessed a sharp backlash you call it a big government americans are against it. but there was a reason for the government intervention the likes we have not seen since the 1930's and it would have been a preview. nonetheless you did have a backlash against the government in general, president obama, it would have been against him him, against a democratic party more generally, the federal reserve, keynesian economics which i am perfect -- prepared to defend. but what both ended the of backlash period but my favorite cartoon from the crisis appears in "the new yorker" march 2009 and it shows a page set in in medieval castle courtyard and the king said is on the chopping block. wait stop government is the solution. not the problem. [laughter] that lasted about two or three months and then people s
CSPAN
Feb 5, 2013 8:00pm EST
we are projected to the a big deficit below one of a trillion for the first time in five years. later, the mayor of san antonio and justified -- testifies on capitol hill about immigration policy. some of the automatic spending cuts delayed in december are scheduled to take effect next month. on the next "washington journal," we will talk about those cuts and program such as medicare and social security. severna, 40 5:00 a.m. eastern. our guest is from texas, and at 8:0020, a democratic congressman, henry waxman, of california, on efforts to combat climate change. your phone calls and tweeds, "washington journal," 7:00 a.m. on c-span. president obama announced his plan to avoid automatic spending cuts known as sequestration scheduled to begin march 1. it is including tax changes. the president spoke to reporters for just over five minutes. >> good afternoon, everybody. i wanted to say a few words about the looming deadlines and decisions that we face on our budget and on our deficit, and these are decisions that will have real and lasting impacts on the strength and pace of our
FOX Business
Feb 5, 2013 1:00pm EST
! melissa: i am melissa francis. lori: i am lori rothman. we will learn how hi our deficits could rise. melissa: we will hear from the president in just a couple minutes. we will bring you the remarks live. lori: immigration reform also on the top earner today. we will hear from business leaders on how reform should be done. lou dobbs weighs in. melissa: our very own charlie gasparino goes one-on-one with municipal analyst. that should be very interesting. lori: let's get things started with the latest addition of stocks now. the 20 you see volatility here. the fix is to the downside today on a day where we are gaining triple digits, unlike yesterday where we love triple digits. the majority of the dow components are in the green. we have economic numbers showing expanding numbers in the u.s. service. we will take a look at a longer term chart. back to you. lori: thank you, as always. melissa: breaking news. the budget office releasing the latest numbers. what we can expect our deficit to be. rich: $845 billion for this year. this is the first time in five years. let's take a look at t
FOX News
Feb 5, 2013 6:00pm EST
deficit. first we'll talk about the economy and political issues with house majority leader, eric cantor. don't go away. [ coughs ] [ angry gibberish ] i took something for my sinus, but i still have this cough. [ male announcer ] a lot of sinus products don't treat cough. they don't? [ male announcer ] nope, but alka seltzer plus severe sinus does it treats your worst sinus symptoms, plus that annoying cough. [ breathes deeply ] ♪ oh, what a relief it is! [ angry gibberish ] i'm here to pick up some cacti. it should be under stephens. the verizon share everything plan for small business. get a shareable pool of data... got enough joshua trees? ... on up to 25 devices. so you can spend less time... yea, the golden barrels... managing wireless costs and technology and more time driving your business potential. looks like we're going to need to order more agaves... ah! oh! ow! ... and more bandages. that's powerful. sharble data plus unlimited talk and text. now save $50 on a droid razr maxx hd by motorola. >>> drones killing americans and just fayfication for it. reaction to all that an
CSPAN
Feb 6, 2013 7:30am EST
going to have to face and i think much more important is the very large, long run deficit that a thing all of us want our policymakers to come together and address how we're going to do with it. i think that's unfortunate will have to be front and center in the next year coming up with that. i sure hope it is. >> let's see, i think first thing just to mind ourselves out is that the impact of it president on the short-term macro economy is almost always exaggerated. presidents can have a big impact on the economy in the medium term and long run, largely -- and while the fed has cut aid to help they can should have a much bigger short-term effect, we immediately looked to the white house and said what are you going to be about the economy right now? dr. romer and i would have to go on tv and there is points and talk about the job supports and what would happen over the course of the next month and the thing that is so frustrating note in fact not much that you were doing action has a direct result what will happen over the course of the next month. i think it is interesting how the debat
FOX News
Feb 10, 2013 10:00am EST
to say we have a spending problem. we have a budget deficit problem we have to address. right now we have low interest on the national debt, and it's a googood time for us to act to loather deficit. we think the deficit and the national debt are at a moral level. we think they must be reduced. we're sick and tired of paying interest on the national debt. that's 15%. that's a large percentage of the budget. >> joining us now is the anchor of "fox news sunday" chris wallace. good morning, chris. >> how are you, eric? >> eric: we heard her say that the national debt is at immoral levels. how do we fix it? what would you say? >> well, the pressure the president -- expression the president used a lot during the campaign, and you know what that means. i suspect it's very different than the republicans, but also yes, tax increases and spending cuts. no more raising of rates but there's a lot that can be done in taking away loopholes, dehe duckses on the wealthy, do away with the subsidies to the oil companies, the buffett role that anybody who makes more than a million dollars has to pay
CSPAN
Feb 12, 2013 5:00pm EST
accusation system. but both the strategic approach deficit deduction and sufficient use of defense dollars will be undermined by sequestration. and what is particularly tragic is that sequestration is not a result of an economic recession for an emergency. it's not because discretionary spending cuts are the answer to our nation's fiscal challenge. you can do the math. it's not in reaction to a more peaceful world. in reference to the north korea nuclear test this morning. it's not due to a breakthrough in military technology or a new strategic insight. it's not because of the path of revenue growth and entitlement spending have been explored and exhausted. it's not because sequestration was ever a plan that was intended to be implemented. all of this is purely the collateral damage of political gridlock. for our troops, for the force, the consequences are very real and personal. i'll give you a few examples. we intend, the president intends to -- personnel sequestration from -- but the troops will feel the effect of the this very directly in other ways. for example, he referenced
MSNBC
Feb 6, 2013 4:00am EST
conviction that trillion deficits are sapping the country of its energy and prosperity. trillion deficits, his driving passion. everybody loves john boehner's passion. but this is supposedly what he feels so passionate about. this is a chart of the country's budget deficit levels every year. red bars are president bush's deficits from 2008 and 2009. blue bars are president obama's deficits. those really big bars are when the whole world economy crashed, including ours. remember that? you notice how the deficit gets smaller when the bars are blue over time? see how they're getting shorter as you go to the right? today the congressional budget office released their deficit projection for 2013. so for this upcoming year, the nonpartisan cbo. according to them under president obama the deficit is slated to continue to shrink, as it has been under president obama. but the supposedly gigantic growth of those deficits is why congressional republicans are >>> in march 2007, some of the fine folks at morgan stanley were brainstorming via e-mail about what they wanted to call a new product they wer
PBS
Feb 9, 2013 1:00am PST
u.s. and more made in america products shipped overseas, the u.s. trade deficit fell sharply last month. the combination now has economists believing the economy grew in the last few months of 2012, even though data out last week showed the economy fell slightly in the fourth quarter. but a closer look shows some cause for caution. darren gersh reports. >> reporter: the december trade numbers were much better than forecasters expected. the deficit between what the u.s. exports and what we import fell 21% to $38.5 billion. and that means exports likely boosted growth in the last three months of 2012. >> so this is a good sign that exports were a little stronger than we thought when the numbers were first estimated and that is obviously a good sign for the economy. again, the economy is obviously growing way too slowly, but at least on this note, i think it will be revised upward. energy is a now a bright spot for the u.s. economy. thanks to new fracking technology, surging domestic production cut crude oil imports last year by 227 million barrels. but that success was offset somewh
FOX Business
Feb 6, 2013 12:00am EST
"money" tonight. reducing the deficit through immigration reform. how did it work? president obama held meetings today with top ceos and labor leaders. we have all the latest details. >>> plus the justice department body slammed standard & poor's alleging it defrauded investors over mortgage securities rating. is s&p cooked? john eagan, ceo of eagan jones rating company joins us exclusively to react. >>> the entire electronic industry could be turned upside down. foxconn workers in china will get the first free union vote. these guys produced 40% of the world's electronics. will this push up the price of your smartphone? you might want to embrace for impact. even when they say it's not it is always about money melissa: first let's take a look at today's market moments. stocks recovered after the worst day of the year. solid u.s. and european economic data helped put the bulls back on the track. the dow briefly climbed back above the 14,000 mark and pared session highs closing up 99 points. nasdaq and s&p 500 each gained more than 1%. >>> starting off tonight with president obama's
CSPAN
Feb 5, 2013 12:00pm EST
first stood here as your new governor wisconsin was facing a $3.6 billion budget deficit. property taxes had gone up 27% over the previous decade, increasing every year and the unemployment rate was 7.8%. today wisconsin has a $34 million surplus. property taxes on median value home went down each. last two years the unemployment rate, well, it is down to 6.7%. [applause] we're turning things around. we're heading in the right direction. we're moving wisconsin forward. and unlike other states we avoided significant tax increases, massive layoffs and cuts in programs like medicaid. instead we put in place long-term structural reforms that helped us balance state and local government budgets for years to come. what we did was think more about the next generation than we did about the next election and it worked. but the first time in our state's history we set machine any aside in two consecutive years for the rainy day fund. our bond rating is solid and our pension system is the only one in the country that is fully funded. [applause] we made tough but prudent decisions to get our f
CNBC
Feb 5, 2013 1:00pm EST
budget deficit, $845 billion. cbo projects first time below $1 trillion since 2008, 5% of gdp, well below the peak of 2009. saying deficits decline as a percentage of gdp could dip as low as 2.4% in 2015. then they start to rise again in 2016. that 10-year-old cbo deficit projection increased overall to 4.6 trillion for the 2013 decade up from $20.2 trillion in it's previous. cbo sees real gdp growing 1.4% in 2013, the sub died growth limits businesses to hire more workers, cbo projecting unemployment rate to stay near 8% this year, also expecting unemployment rate to remain above 7.5% through 2014. debt and deficits will be larger, the cbo says, if current laws were modified and rising health care cost and increased federal health care subsidies, spending cuts and higher taxes with offset deficit increases long-term says the cbo. over and over again this report talks about those short-term budget decisions on the horizon including march 1st, the automatic spending reductions, sequester. what does congress and the white house do about the expiring continuing resolution in late march
FOX Business
Feb 5, 2013 6:00pm EST
our deficit, this is a great way to raise tax revenue. let me finish, it would charge an excise tax of 50% of the first sale. 50% of your first dollar would go right to the government. pay $1000 annually just for being tax producers, and they would require the irs to produce a study of industry after two years. once you get the irs involved, my friend, we are talking about a full one industry that will be taxed and it will never go away because the irs is going to want to get money from it. what do you think about a federal tax on marijuana? >> at this point it is premature because only two states down the road could be a good idea, but it is mostly about the states. federal tax on marijuana. i'm talking about blumenauer. is that whe the one you like? >> yes. let's allow the state to legally regulate that stuff. let the states tax them. >> or heard about it for lottery, gambling, tobacco, alcohol, we spend more on the social cost of the problems. gerri: what do you mean? let's have an answer. >> talk about the lost productivity, department of justice reports in this administration rele
NBC
Feb 6, 2013 12:00pm EST
and accumulated $745 billion budget deficit within the next 10 years. after adding in infrastructure needs and retiree obligation, the deficit soars to $2 billion. even if the city use the reserve fund, it would be empty in three years. we will have the mayor's response tonight at 11:00 -- tonight at 5:00 and 6:00. a scenario that is starting to feel too much like a broken record for americans. a deadline will trigger a one trillion dollars in spending cuts over the next 10 years. what this means for regular folks. >> here is what it boils down to, basically. if huge automatic spending cuts kicks in and the economy slows down, all of us will feel the impact. nearly everyone on both sides in washington would like to avoid that, the question is, how? another day, another dollar, another fiscal fight in washington. the issue now, massive spending cuts. it is called sequestration and we were not supposed to get to this point in the first place. >> this was never intended to happen, it was a proposal that was meant to spur lawmakers into action to come up with a budget that everyone could
CSPAN
Feb 11, 2013 10:00am EST
problem in our country today. we have budget deficits that are not sustainable and how are we going to dale with these budget deficits? that's the issue before the congress that we are dealing with. we dealt wit this week. we had president obama who visited with the democratic members of the united states senate in annapolis and it was the issue we talked about the most. how are we going to deal with our budget deficit? i could talk about how we got here, the policies that led to these deficits but i'm not going to harp than because we have to figure out how we're going to move forward. i will emphasize one point. this deficit was not caused by our federal work force. you are not responsible for their deficit. \[applause] >> we could talk about the policies of going to war and how we pay for it, etc. but we have these large deficits and we need to deal wit. let me bring you up to date because the last time i was here was a little over a year ago and we were talking about the budget control act and how we had to deal with this deficit and how we were going to bring down discretionary do
ABC
Feb 10, 2013 11:35pm EST
progressive case for deficit reduction. , cres have not focused on deficit reduction when it comes to dealing with the sequester -- democrats have not focused on deficit reduction when it comes to dealing with the sequester. >> do you expect them to expand on things he talked about during the inaugural speech? including climate control -- climate change gay marriage? >> yes. those are all open questions. a lot of people are anxious to hear whether he really is aggressive and specific on climate change. this is something that was a centerpiece of his political identity, and he was criticized by the right for advocating it during his first term as he focused on other things, other big issues like healthcare and the looming fiscal crisis. a lot of pressure there. gay marriage -- i do not expect a whole lot to come out. he has said his piece about his position. i do not expect a lot of legislation on that. >> during his speech yesterday his weekly address, he hinted that there might be room for short-term solutions when it comes to sequestration. a lot of people in the dc area are interes
Current
Feb 5, 2013 3:00pm PST
proposal saying we believe there is a better way to reduce the deficit. the president's sequester should be replaced with spending cuts and reforms. that will start us on the path to balancing the budget in ten years. there is no balance in terms of revenue. the question is are congress and the white house headed for yet another big showdown. to come to us from washington to answer that question is karen bass from california. thank you for coming to the war room. >> thank you for having me again. >> jennifer: you bet. so the republicans are saying that obama's plan as he announced today are dead on arrival. are they serious? is this just posturing before they reach a deal? >> i certainly hope it is because the fact of the matter is we're three weeks away from the hammer falling. what the president has called for is for the republican majority to act responsibly. why on earth would they want to send our economy into another recession. if we can't come to a grand deal by march 1st. what the president has said and the democratic leadership hats said is okay do another short-term proposal bu
FOX
Feb 11, 2013 5:30am EST
3 attention deficit disorrer. and deppression.on fox 45 news at five.3- 33 3 3 3 -3 3 3 it's our free-bru-ary giveaway! giveaway!everr day in february we're giving away 100- dollarss an houur hour. 33 óóóóóó yyu have 30 minutes to 3 scrren.if yyu don't ccll in.. your prize rolls over nto the next hour for someone elle tt win! win!to ggt yyur name to get your name in the box.. go to facebook dot com slaah ffxbaltimore anddfill ut the 3& read complete contest rrles..- p3 3 p - 3 -33 3 3 3 the anne aaundel the anne arundel county council now has -33 pess than 30 days to elect a replacement for john leopald. he resigned fter being convvcted of misconnuct. 33 candidates interested in the job....need to apply forrthe position by this friday.and so faa... there's handful of hopefulls... incluuing the formmr first lady..- lldy.kendel ehrlich iss lobbying support among council &pmembbrs... whom she hopes will select her to fill the now vacant eattof nne arunddl county executive.it's a qualified for... saying hhr recognition....and being a wommn.if she iis the seat... ehhlich says...
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